PIPER SANDLER & CO.

MINNEAPOLIS, MN · CIK 724683 · 13F filing filed 2024-05-13

SEC-registered investment adviser since 2016 · corporation

Assets managed$1.3bn
Staff1,402 · 31 in investment roles
Main clients (by assets)State and local governments 100%
Websitepipersandler.com
Form ADV · 2026-03-23SEC adviser record

Legal entityPIPER SANDLER & CO. (US)
Part of PIPER SANDLER COMPANIES (US)

$145.3m reported value +9.7% vs Q4 2023

22positions

94.4%in top 10

10 new 6 added 0 reduced 8 sold out vs Q4 2023

Holdings, Q1 2024

The small lines show how much was held over the last 4 quarters (adjusted for stock splits).

#	Security	Ticker	Shares	Value	% of portfolio	Change	Shares change
1	PALO ALTO NETWORKS INC NOTE 0.375% 6/0 · principal PANW 0.375 06.01.25 · principal	PANW 0.375 06.01.25	18,024,000	$50.1m34.51%	34.51%	New
2	NEUROCRINE BIOSCIENCES INC NOTE 2.250% 5/1 · principal NBIX 2.25 05.15.24 · principal	NBIX 2.25 05.15.24	13,559,000	$24.6m16.91%	16.91%	New
3	PIONEER NAT RES CO NOTE 0.250% 5/1 · principal PXD 0.25 05.15.25 · principal	PXD 0.25 05.15.25	4,422,000	$12.4m8.54%	8.54%	Added +2.6m	+2,617,000 145.0%
4	MFA FINL INC NOTE 6.250% 6/1 · principal MFA 6.25 06.15.24 · principal	MFA 6.25 06.15.24	10,726,000	$10.7m7.36%	7.36%	Added +5.7m	+5,669,000 112.1%
5	PENNYMAC CORP NOTE 5.500%11/0 · principal PMT 5.5 11.01.24 · principal	PMT 5.5 11.01.24	10,705,000	$10.5m7.26%	7.26%	Added +5.4m	+5,391,000 101.5%
6	CHEGG INC NOTE 0.125% 3/1 · principal CHGG 0.125 03.15.25 · principal	CHGG 0.125 03.15.25	8,900,000	$8.3m5.71%	5.71%	Added +6.4m	+6,400,000 256.0%
7	JAZZ INVESTMENTS I LTD NOTE 1.500% 8/1 · principal JAZZ 1.5 08.15.24 · principal	JAZZ 1.5 08.15.24	7,100,000	$7.0m4.81%	4.81%	Unchanged
8	PARAMOUNT GLOBAL 5.75% CONV PFD A SKYD 5.75 04.01.24 A	SKYD 5.75 04.01.24 A	382,515	$5.3m3.62%	3.62%	New
9	BILIBILI INC NOTE 1.375% 4/0 · principal BILI 1.375 04.01.26 · principal	BILI 1.375 04.01.26	5,000,000	$5.0m3.42%	3.42%	New
10	KAMAN CORP NOTE 3.250% 5/0 · principal KAMN 3.25 05.01.24 · principal	KAMN 3.25 05.01.24	3,288,000	$3.3m2.29%	2.29%	Added +996.0k	+996,000 43.5%
11	ARBOR REALTY TRUST INC NOTE 7.500% 8/0 · principal ABR 7.5 08.01.25 · principal	ABR 7.5 08.01.25	3,000,000	$2.9m2.02%	2.02%	New
12	TURNING PT BRANDS INC NOTE 2.500% 7/1 · principal TPB 2.5 07.15.24 · principal	TPB 2.5 07.15.24	2,372,000	$2.3m1.60%	1.60%	New
13	REDWOOD TRUST INC NOTE 5.625% 7/1 · principal RWT 5.625 07.15.24 · principal	RWT 5.625 07.15.24	1,505,000	$1.5m1.03%	1.03%	Added +1.5m	+1,500,000 30000.0%
14	SHATTUCK LABS INC COM STTK	STTK	39,467	$352.8k0.24%	0.24%	Unchanged
15	PROSPECT CAP CORP NOTE 6.375% 3/0 · principal PSEC 6.375 03.01.25 · principal	PSEC 6.375 03.01.25	335,000	$332.5k0.23%	0.23%	New
16	ZEO ENERGY CORP CL A ZEO	ZEO	50,000	$285.0k0.20%	0.20%	New
17	OPPFI INC COM CL A OPFI	OPFI	59,438	$148.6k0.10%	0.10%	Unchanged
18	I3 VERTICALS LLC NOTE 1.000% 2/1 · principal IIIV 1 02.15.25 · principal	IIIV 1 02.15.25	97,000	$92.9k0.06%	0.06%	New
19	PROFRAC HLDG CORP CLASS A COM ACDC	ACDC	8,164	$68.3k0.05%	0.05%	Unchanged
20	CARTESIAN GROWTH CORP II *W EXP 07/12/202 REEWF	REEWF	402,500	$41.6k0.03%	0.03%	Unchanged
21	CLARIVATE PLC 5.25% PFD CONV A CLVT 5.25 06.01.24 A	CLVT 5.25 06.01.24 A	545	$16.4k0.01%	0.01%	New
22	OPPFI INC W EXP 07/20/202 W EXP 07/20/202		29,719	$2.4k0.00%	0.00%	Unchanged

Sold out since Q4 2023

Security	Ticker	Shares held before	Value then
TESLA INC TSLA 2 05.15.24	TSLA 2 05.15.24	4,000,000	$47.6m4.0m shares
NICE SYS INC NICEIT 1.25 01.15.24	NICEIT 1.25 01.15.24	13,495,000	$28.7m13.5m shares
WESTERN DIGITAL CORP. WDC 1.5 02.01.24	WDC 1.5 02.01.24	20,355,000	$20.3m20.4m shares
HERBALIFE NUTRITION LTD HLF 2.625 03.15.24	HLF 2.625 03.15.24	4,520,000	$4.5m4.5m shares
GREENBRIER COS INC GBX 2.875 02.01.24	GBX 2.875 02.01.24	2,865,000	$2.8m2.9m shares
8X8 INC NEW EGHT 0.5 02.01.24	EGHT 0.5 02.01.24	1,500,000	$1.5m1.5m shares
SOLARIS ENERGY INFRAS INC SEI	SEI	48,039	$382.4k48.0k shares
PHARVARIS N V PHVS	PHVS	181	$5.1k181 shares